Conexant Does the Splits

Conexant completes reverse stock split

June 30, 2008

1 Min Read

NEWPORT BEACH, Calif. -- Conexant Systems, Inc. today announced that it effected a 1-for-10 reverse stock split of its common stock after market close on June 27, 2008. Beginning today, Conexant's common stock will trade on a split-adjusted basis under the temporary NASDAQ ticker symbol "CNXTD." On July 30, 2008 the stock will resume trading under the symbol "CNXT."

The reverse split reduces the number of shares of Conexant's outstanding common stock from approximately 495 million shares to approximately 49.5 million shares. The exercise price and number of common shares related to outstanding 4 percent convertible subordinate notes and stock options have automatically been proportionately adjusted to reflect the reverse split.

Under the terms of the reverse split, shareowners holding more than 10 shares of Conexant common stock at the close of business on June 27, 2008 will receive one new Conexant share for every 10 shares held. Shareowners holding fewer than 10 shares will receive cash consideration in lieu of fractional shares.

Shareowners of record holding 10 shares or more at the end of trading on June 27, 2008 will be sent instructions for exchanging their existing stock certificates for new stock certificates, and for receiving cash compensation in lieu of fractional shares. Shareowners with shares in "book entry" at BNY Mellon Shareowner Services, or who hold their stock with a broker, will have their shares automatically converted into new shares and receive cash compensation for fractional shares held.

Conexant Systems Inc. (Nasdaq: CNXT)

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